Friday, March 24, 2023
  • About Us
  • Advertisement
  • Contact Us
  • Privacy Policy
The Daily Crucible
  • Home
  • News
  • Business
    Agro Cargo Airport: Ogun To Land First Test Flight Thursday

    Agro Cargo Airport: Ogun To Land First Test Flight Thursday

    False Allegations, Defamatory Statements: PremiumTrust Bank States The True Position

    False Allegations, Defamatory Statements: PremiumTrust Bank States The True Position

    The Radiating Church Holds ‘GROW’ Conference In Ogun

    The Radiating Church Holds ‘GROW’ Conference In Ogun

    Coal Milling Project: Put Our Lives, Environment First Before Profit, Ogun Residents Tell Dangote

    Coal Milling Project: Put Our Lives, Environment First Before Profit, Ogun Residents Tell Dangote

    Ogun: Abiodun Hosts Plank Sellers, Tricycle Owners, Others, Harps On Prosperity

    Ogun: Abiodun Hosts Plank Sellers, Tricycle Owners, Others, Harps On Prosperity

    Canada Plans Over $2.7bn Trade Deal With Nigeria

    Canada Plans Over $2.7bn Trade Deal With Nigeria

    Trending Tags

    • Market Stories
    • Bitcoin
    • Litecoin
    • Harbolnas
    • United Stated
    • Property
  • Politics
  • Education
  • Lifestyle
    Glamour, Excitement As Mumeen Makes Pelican Valley Estate His New Address

    Glamour, Excitement As Mumeen Makes Pelican Valley Estate His New Address

    Royal Family Is A ‘Death Cult’ — Prince Harry 

    Royal Family Is A ‘Death Cult’ — Prince Harry 

    Ogun Deputy Governor, Oyedele – Salako Fetes Children To Mark 57th Birthday

    Ogun Deputy Governor, Oyedele – Salako Fetes Children To Mark 57th Birthday

    CAF Reaches Out To The Aged In Ogun, Says Senior Citizens’ Wellbeing Its Priority

    CAF Reaches Out To The Aged In Ogun, Says Senior Citizens’ Wellbeing Its Priority

    Judy Austin Reflects On 2022, Says Many Ganged UP To Dim Her Light

    Judy Austin Reflects On 2022, Says Many Ganged UP To Dim Her Light

    Chimamanda Bags Odeluwa Chieftaincy Title In Home State, Anambra

    Chimamanda Bags Odeluwa Chieftaincy Title In Home State, Anambra

    Trending Tags

    • Bitcoin
    • Champions League
    • Explore Bali
    • Golden Globes 2018
    • Grammy Awards
    • Harbolnas
  • Entertainment
    President Buhari Extols Tems’ Talent As Singer Wins First Grammy Award

    President Buhari Extols Tems’ Talent As Singer Wins First Grammy Award

    Again, Apostle Suleman Drags Halima To Court Over Actress’ Sex, Pregnancy Claims 

    Again, Apostle Suleman Drags Halima To Court Over Actress’ Sex, Pregnancy Claims 

    AMAA Founder, Peace Anyiam-Osigwe, Is Dead

    AMAA Founder, Peace Anyiam-Osigwe, Is Dead

    Banker, Shanu Obadiya Crowned Miss Epe 

    Banker, Shanu Obadiya Crowned Miss Epe 

    Gospel Singer Sammie Okposo Is Dead

    Gospel Singer Sammie Okposo Is Dead

    Daniel Urges FG To Take Over Ososa Film Village, Support Nollywood Industry

    Daniel Urges FG To Take Over Ososa Film Village, Support Nollywood Industry

    Trending Tags

    • Golden Globes 2018
    • Grammy Awards
    • Explore Bali
    • Champions League
    • Harbolnas
  • Sports
    Ogun Govt Renovates MKO Abiola Stadium, Recovers Seats Fully

    Ogun Govt Renovates MKO Abiola Stadium, Recovers Seats Fully

    Cristiano Ronaldo Joins Al-Nassr, To Earn $75m Yearly

    Cristiano Ronaldo Joins Al-Nassr, To Earn $75m Yearly

    Scaloni Wants Messi To Play On Till 2026 World Cup

    Scaloni Wants Messi To Play On Till 2026 World Cup

    Qatar 2022: Messi’s Argentina Win World Cup

    Qatar 2022: Messi’s Argentina Win World Cup

    Sports Festival: Gov. Abiodun Rains Millions On Athletes

    Sports Festival: Gov. Abiodun Rains Millions On Athletes

    Armstrong FC Wins Akesan Day 2022 Football Competition

    Armstrong FC Wins Akesan Day 2022 Football Competition

    Trending Tags

    • Champions League
    • Explore Bali
    • Harbolnas
    • United Stated
    • Market Stories
    • Litecoin
No Result
View All Result
The Daily Crucible
  • Home
  • News
  • Business
    Agro Cargo Airport: Ogun To Land First Test Flight Thursday

    Agro Cargo Airport: Ogun To Land First Test Flight Thursday

    False Allegations, Defamatory Statements: PremiumTrust Bank States The True Position

    False Allegations, Defamatory Statements: PremiumTrust Bank States The True Position

    The Radiating Church Holds ‘GROW’ Conference In Ogun

    The Radiating Church Holds ‘GROW’ Conference In Ogun

    Coal Milling Project: Put Our Lives, Environment First Before Profit, Ogun Residents Tell Dangote

    Coal Milling Project: Put Our Lives, Environment First Before Profit, Ogun Residents Tell Dangote

    Ogun: Abiodun Hosts Plank Sellers, Tricycle Owners, Others, Harps On Prosperity

    Ogun: Abiodun Hosts Plank Sellers, Tricycle Owners, Others, Harps On Prosperity

    Canada Plans Over $2.7bn Trade Deal With Nigeria

    Canada Plans Over $2.7bn Trade Deal With Nigeria

    Trending Tags

    • Market Stories
    • Bitcoin
    • Litecoin
    • Harbolnas
    • United Stated
    • Property
  • Politics
  • Education
  • Lifestyle
    Glamour, Excitement As Mumeen Makes Pelican Valley Estate His New Address

    Glamour, Excitement As Mumeen Makes Pelican Valley Estate His New Address

    Royal Family Is A ‘Death Cult’ — Prince Harry 

    Royal Family Is A ‘Death Cult’ — Prince Harry 

    Ogun Deputy Governor, Oyedele – Salako Fetes Children To Mark 57th Birthday

    Ogun Deputy Governor, Oyedele – Salako Fetes Children To Mark 57th Birthday

    CAF Reaches Out To The Aged In Ogun, Says Senior Citizens’ Wellbeing Its Priority

    CAF Reaches Out To The Aged In Ogun, Says Senior Citizens’ Wellbeing Its Priority

    Judy Austin Reflects On 2022, Says Many Ganged UP To Dim Her Light

    Judy Austin Reflects On 2022, Says Many Ganged UP To Dim Her Light

    Chimamanda Bags Odeluwa Chieftaincy Title In Home State, Anambra

    Chimamanda Bags Odeluwa Chieftaincy Title In Home State, Anambra

    Trending Tags

    • Bitcoin
    • Champions League
    • Explore Bali
    • Golden Globes 2018
    • Grammy Awards
    • Harbolnas
  • Entertainment
    President Buhari Extols Tems’ Talent As Singer Wins First Grammy Award

    President Buhari Extols Tems’ Talent As Singer Wins First Grammy Award

    Again, Apostle Suleman Drags Halima To Court Over Actress’ Sex, Pregnancy Claims 

    Again, Apostle Suleman Drags Halima To Court Over Actress’ Sex, Pregnancy Claims 

    AMAA Founder, Peace Anyiam-Osigwe, Is Dead

    AMAA Founder, Peace Anyiam-Osigwe, Is Dead

    Banker, Shanu Obadiya Crowned Miss Epe 

    Banker, Shanu Obadiya Crowned Miss Epe 

    Gospel Singer Sammie Okposo Is Dead

    Gospel Singer Sammie Okposo Is Dead

    Daniel Urges FG To Take Over Ososa Film Village, Support Nollywood Industry

    Daniel Urges FG To Take Over Ososa Film Village, Support Nollywood Industry

    Trending Tags

    • Golden Globes 2018
    • Grammy Awards
    • Explore Bali
    • Champions League
    • Harbolnas
  • Sports
    Ogun Govt Renovates MKO Abiola Stadium, Recovers Seats Fully

    Ogun Govt Renovates MKO Abiola Stadium, Recovers Seats Fully

    Cristiano Ronaldo Joins Al-Nassr, To Earn $75m Yearly

    Cristiano Ronaldo Joins Al-Nassr, To Earn $75m Yearly

    Scaloni Wants Messi To Play On Till 2026 World Cup

    Scaloni Wants Messi To Play On Till 2026 World Cup

    Qatar 2022: Messi’s Argentina Win World Cup

    Qatar 2022: Messi’s Argentina Win World Cup

    Sports Festival: Gov. Abiodun Rains Millions On Athletes

    Sports Festival: Gov. Abiodun Rains Millions On Athletes

    Armstrong FC Wins Akesan Day 2022 Football Competition

    Armstrong FC Wins Akesan Day 2022 Football Competition

    Trending Tags

    • Champions League
    • Explore Bali
    • Harbolnas
    • United Stated
    • Market Stories
    • Litecoin
No Result
View All Result
The Daily Crucible
No Result
View All Result
Home News

CBN Bows To Pressure, Reviews Cash Withdrawal Limits Upward

••• Weekly N500,000, N5,000,000 For Individual and Corporate Respectively

The Daily Crucible by The Daily Crucible
December 22, 2022
in News
0
CBN Bows To Pressure, Reviews Cash Withdrawal Limits Upward

The Central Bank of Nigeria on Wednesday increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.

 

You might also like

Pyrates Calls For Electoral Offences Commission To Curb Voter’s Suppression

Ike Ekweremadu, Wife, Doctor Found Guilty Of Organ Trafficking In UK

Ramadan: Senator Adeola Felicitates Muslims

This followed the directive in a circular issued by the bank and signed by the director of banking supervision department, Haruna Mustafa.

 

Two weeks earlier, the CBN had reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organisations to N500,000, a development that touched off a mixed bag of reactions among Nigerians, including members of the House of Representatives.

 

The CBN acknowledged that it recognised the vital role that cash plays in supporting underserved and rural communities and would ensure an inclusive approach as it implements the transition to a more cashless society.

 

ADVERTISEMENT

He said, “The CBN hereby makes the following reviews: (1) the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations shall be N500,000.00 and N5,000,000.00 respectively.

 

“In compelling circumstances where cash withdrawal above the limits in (1) is required for legitimate purposes, such requests shall be subject to a processing fee of three per cent and five per cent for individuals and corporate organisations, respectively.

 

“Further to (2) above, the financial institution shall obtain the following information from the customer, at the minimum, and upload same on the CBN portal created for the purpose: valid means of identification of the payee (national ID, international passport, or driver’s license), bank verification number of the payee, tax identification number of both the payee and the payer, and an approval in writing by the MD/CEO of the financial institution authorising the withdrawal.

 

“Third party cheques above N100,000 shall not be eligible for payment over-the-counter, while the extant limit of N10 million on clearing cheques still subsist.

 

“Compliance with extant AML/CFT regulations relating to the KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances.

“Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.

 

“All banks and OFls are to note that aiding and abetting the circumvention of this policy will attract severe sanctions.

 

“The above directives supersede that of December 6, 2022 and take effect nationwide from January 9, 2023,” the CBN said.

 

Previous Post

Yuletide: Ogun Commences Payment Of December Salaries

Next Post

Igbehin – Barracks Residents Get Water Project, Say Donor Amuzu ‘Is A Blessing To Abeokuta South’

The Daily Crucible

The Daily Crucible

The Daily Crucible Newspaper is an authoritative and independent online news medium established to deliver professional journalism for the purpose of fostering Nigeria's unity, peace, progress and greatness, given the heterogeneity of her citizens. We shall vigorously pursue this vision and anchor it on tripod of truth, justice and fairness. We shall feed the general public with robust information they need to make informed decision on issues and matters that affect them, promote human - capital development, freedom and free market enterprise. And our loyalty shall be to Nigeria and public interest, and shall respect ethnic, religious and political diversity without being partisan and sectional.

Related Posts

Pyrates Calls For Electoral Offences Commission To Curb Voter’s Suppression
News

Pyrates Calls For Electoral Offences Commission To Curb Voter’s Suppression

by The Daily Crucible
March 23, 2023
Ike Ekweremadu, Wife, Doctor Found Guilty Of Organ Trafficking In UK
News

Ike Ekweremadu, Wife, Doctor Found Guilty Of Organ Trafficking In UK

by The Daily Crucible
March 23, 2023
Ramadan: Senator Adeola Felicitates Muslims
News

Ramadan: Senator Adeola Felicitates Muslims

by The Daily Crucible
March 23, 2023
Lagos: Archbishop Martins Condemns Ethnic Profiling, Calls For Peace, Tolerance
News

Lagos: Archbishop Martins Condemns Ethnic Profiling, Calls For Peace, Tolerance

by The Daily Crucible
March 23, 2023
Gov Yahaya Bello’s Nephew Vs. EFCC: Court Adjourns Hearing Till May 22
News

Gov Yahaya Bello’s Nephew Vs. EFCC: Court Adjourns Hearing Till May 22

by The Daily Crucible
March 23, 2023
Next Post
Igbehin – Barracks Residents Get Water Project, Say Donor Amuzu ‘Is A Blessing To Abeokuta South’

Igbehin - Barracks Residents Get Water Project, Say Donor Amuzu 'Is A Blessing To Abeokuta South'

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Again, Kuka Knocks Buhari, Says President’s Policies Making Nigerians More Vulnerable

Again, Kuka Knocks Buhari, Says President’s Policies Making Nigerians More Vulnerable

December 26, 2022
Over 1000 APC Members Join PDP In Lagos

Over 1000 APC Members Join PDP In Lagos

December 22, 2022

Categories

  • Business
  • Education
  • Entertainment
  • Health
  • Lifestyle
  • Metro
  • News
  • Opinion
  • Politics
  • Property
  • Sports
  • World

Don't miss it

Controversy Trails Moves To Appoint Rector Into Federal Polytechnic In Ondo
Education

Controversy Trails Moves To Appoint Rector Into Federal Polytechnic In Ondo

March 23, 2023
Pyrates Calls For Electoral Offences Commission To Curb Voter’s Suppression
News

Pyrates Calls For Electoral Offences Commission To Curb Voter’s Suppression

March 23, 2023
Ike Ekweremadu, Wife, Doctor Found Guilty Of Organ Trafficking In UK
News

Ike Ekweremadu, Wife, Doctor Found Guilty Of Organ Trafficking In UK

March 23, 2023
Opinion

Ndigbo Awalokan Versus Yoruba Emilokan

March 23, 2023
The Bitter Truth About The Igbo
Opinion

The Bitter Truth About The Igbo

March 23, 2023
Ramadan: Senator Adeola Felicitates Muslims
News

Ramadan: Senator Adeola Felicitates Muslims

March 23, 2023
The Daily Crucible

The Daily Crucible Newspaper is an authoritative and independent online news medium established to deliver professional journalism for the purpose of fostering Nigeria's unity, peace, progress, and greatness, given the heterogeneity of its citizens.

© 2022 The Daily Crucible - Designed by CYBERWARRIOR.

No Result
View All Result
  • Home
  • News
  • Politics
  • Property
  • Business
  • Education
  • Health
  • Entertainment
  • About Us
  • Contact Us

© 2022 The Daily Crucible - Designed by CYBERWARRIOR.